Question $1$ of $4$

$125$

Marigold Corporation was organized on January $1,2020.$ It is authorized to issue $10,400$ shares of $8\%,$$$100$ par value preferred stock, and $534,200$ shares of no$-$par common stock with a stated value of $$1$ per share. The following stock transactions were completed during the first year.

Jan. Issued $80,700$ shares of common stock for cash at $$7$ per share.

$10$ Mar. Issued $5,960$ shares of preferred stock for cash at $$112$ per share.

$1.$

Apr. I Issued $24,350$ shares of common stock for land. The asking price of the land was $1,$$$91,460$; the fair value of the land was $$80,700.$

May Issued $80,700$ shares of common stock for cash at $$9$ per share.

Aug. Issued $10,400$ shares of common stock to attorneys in payment of their bill of $1.$$$53,000$ for services rendered in helping the company organize.

Sept.

$1$ Issued $10,400$ shares of common stock for cash at $$11$ per share.

Nov

$1$ Issued $990$ shares of preferred stock for cash at $$114$ per share.

Prepare the journal entries to record the above transactions. $($Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"N$ account tittles and enter O for the amounts.$)$